Shake Shack Inc. — Director's Dealing 2017

May 26, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Shake Shack Inc. (SHAK)
CIK: 0001620533
Period of Report: 2017-05-23

Reporting Person: Flug Jeffrey (Director, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-05-23	CLASS A COMMON STOCK	M	3405	$34.62	Acquired	6645	Direct
2017-05-23	CLASS A COMMON STOCK	S	3321	$37.4456	Disposed	3324	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-05-23	Stock Option (Right to Buy)	$34.62	M	3405	Disposed	2026-05-19	CLASS A COMMON STOCK (3405.0)	Direct

Footnotes

F1: Represents shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") that were obtained upon the Reporting Person's exercise of the option to purchase 3,405 shares of Class A Stock.

F2: Represents the sale of shares of Class A Stock of the Issuer that were disposed of through a "sell to cover" exercise of Reporting Person's option to purchase 3,405 shares of Class A Stock.

F3: The transaction was executed in multiple trades at prices ranging from $37.4000 to $37.4900. The price reported above reflects the weighted average sales price.

F4: The Reporting Person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.

F5: An option to purchase 3,405 shares of Class A Stock at $34.62 was granted to the Reporting Person on May 19, 2016. All 3,405 options vested on May 19, 2017.